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Sunday, 14th April 2024
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‘Adopting the FSAP was the easy part’ Back  
The capacity attendance and seniority of attendees at the seminar on MiFID implementation organised by the Irish Bankers Federation and The Institute of Bankers in Ireland, and held in the Institute of Bankers Conference Centre on 23 January, confirmed that MiFID has now come to the forefront for business decision makers and those following regulatory development.

As Michael Murray, member of Internal Market Commissioner Charlie McCreevy’s Cabinet stated, ‘adopting the Financial Services Action Plan was the easy part’, the difficult part remains the incorporation into national law, effective application and convergent interpretation by Member States.

John Moore, financial regulation section, Department of Finance and Mary Burke, head of securities & exchanges supervision, Financial Regulator, both sent the clear message that the industry must fully engage and provide feedback to the authorities before the implementing measures are adopted by the European Parliament.

Enda McMahon, senior compliance manager with Bank of Ireland Asset Management, echoed this sentiment, saying, ‘the genuine appetite that the authorities have for reasoned and well thought out input is something that we do need to leverage better’. The publication of the formal draft level 2 implementation measures has now provided this opportunity.

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